Juan borrows a total of $112,500 to pay for medical school. He borrows part of the money from the school whereby he will pay 4.4% simple interest. He borrows the rest of the money through a government grant that will charge him 5.9% interest. In both cases, he is not required to pay off the principal or
interest during his 4 years of medical school. However, at the end of 4 years, he will owe a total of $22,980 for the interest from both loans. How much did he
borrow from each source?
Part 1 of 2